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Midterm Exam Review

ACCT 335 Spring 2009

The exam will include problems and essay questions:

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drawing a document flowchart

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drawing a data flow diagram

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applying the major control concepts (8 elements of ERM, categories of internal environment, eventidentificathion/risk assessment, and/or control activities) to an organizational context, such as we did forTransformation Bank

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creating a set of normalized data files from a narrative or spreadsheet

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a short essay relating to one or more topics not coveredin the problems above

Chapter 1

What is an AIS

Characteristics that make information useful

Role of AIS in the value chain

Chapter 2

Five transaction cycles

Accountants’ role in data processing

Role of the AIS/ERP in anorganization

Chapter 3

Basicpurpose of document flowcharts and DFDs

How accountants use documentation

Necessity of documentation under accounting regulations

Chapter 6

What is internal control and why is it important?

Objectives of internal control

Regulations governing internal control

Eight elements of ERM framework

Elements of internal environment

Event identification

Risk management process

Control activities

Chapter 4

Advantages of databases

Importance of databases to accounting

AMR Research article

Magnitude of

IT spending devoted to environmental concerns

Which IT components are important in environmental management initiatives

He Who Dares article

Importance of and strategies for identifying new opportunities

Importance of and strategies for increasing risk appetite

RFID article

What RFID chips do

How RFID chips affect accounting information systems

RFID and sustainability article

Ways RFID chips can impact sustainability

ERP story (& chapter 2)

What are ERPs, and what are their basic advantages and

disadvantages

Sample problems from previous exams:

Problem 1

Draw a data flow diagram to represent the following scenario:

A cable TV operator receives an emailed repair request from a customer. Arepair analyst reviews the request and determines the type of repair neededby accessing a repair codes file. The analyst files the updated repairrequest and forwards a copy to a technician. The technician completes therepair and forwards the order to the quality control department. A qualitycontrol analyst tests the customer’s system to verify that the problem hasbeen resolved. The quality control analyst updates the repair order fileand sends one copy of the repair order the customer to indicate that theorder has been completed, and a second copyto the Oregon Cable Commission.

Problem 2

Draw a document flowchart to represent the following scenario:

A patient arrives at a Magnetic Resonance Imaging (MRI) center carrying adoctor’s referral form. A clerk in the Intake Department reviews thereferral form for completeness, checks the Active Doctor file to verifythat the doctor is in good standing with the department, and signs thedoctor’s referral form. The intake department clerk then prepares a 3-partMRI assignment form, which identifies the MRI machine and technician. Thethird copy of the MRI assignment is mailed to the doctor, the second copyis filed by date with the referral, and the first copy is forwarded to theImaging Department. A technician in the imaging department performs theimaging procedure, updates the assignment form to include information aboutwhen the procedure was performed, and files the updated form numerically.

Problem 3

KJM Services is a small oil and gas company operating in Wyoming. Thecompany is owned by a family and a few small minority shareholders. Theelderly father Joe Teton, who has long been involved in oil exploration,likes to take risks by exploring for oil on properties that are undesirableto other oil companies. Joe’s children sit on the board, but have nevertaken an interest in the oil industry and do not work for the firm. Thefirm does employ many of Joe’s nieces, nephews, and grandchildren, some ofwhom report directly to Joe. These relatives enjoy greater discretion overtheir job responsibilities than other employees, and they also receivespecial perks such as use of the corporate jet and a penthouse apartment inTexas.

The company has recently hired a CEO who came from a large oil company, andis an expert in regulatory compliance issues,

which have been a problem forKJM in the past. The CEO is far more conservative than Joe and wouldprefer to shift resources away from oil exploration toward well servicing,oil extraction, and environmental protection. He would also like toimprove the

specifically to the KJM company.** Please write clearly and answer asthoroughly as possible.

Problem 4

Microbank gives small loans to business owners in developing countries.The business owners meet weekly in groups, known as "village banks". Eachgroup has an ID number and name and meets the same day and time each week(e.g. the Champions group meets every Thursday at 10:00am). Each group issupported by a single loan officer, who may support many groups.Microbank wants to set up a database to track group information along withthe employee #, name, and cel phone numbers of the loan officers. Inaddition, Microbank will storethe following basic information about eachclient: ID number, name, gender, age, and current loan amount.

Required: Prepare a relational database to store the loan information.Use the following format to show the files in your database.